The Peking was retired in 1974 and sold to Jack Aron, for the South Street Seaport Museum in New York City, where she was still moored in 2016.

However, the Seaport NYC did not see the Peking as part of its long-term operational plans, and was planning to send the Peking to the scrap yard.

A 2012 offer to return the ship to Hamburg where she was originally built, as a gift from the city of New York, was contingent upon raising an endowment in Germany to ensure the preservation of the vessel.

In November 2015 the German government decided to purchase the ship, to be a part of the announced German Port Museum in Hamburg, for which €120 million were allocated.

She was taken to Caddell Dry Dock, Staten Island, on September 7, 2016, to spend the winter.

On July 17, 2017, she was transported by the heavy-lift ship Combi Dock III across the Atlantic until Cuxhaven.

The Peking was one of the famous "Flying P" steel clipper ships. they were so-called because they all had names beginning with the letter "P", such as "Pamir", "Parma" and Preussen". They were the last great sailing ships ever built, and were considered to represent the apex of sailing ship development. Since sailing ships are no longer built anymore, save perhaps for a few specialized training or cruise ships, the magnificent "Flying P" clippers will probably never be exceeded.